State of Markets - SA June 2012

Essential information, plus expert insight on what is shaping the national property market...

SOUTH AUSTRALIA

Fast Figures

1.2%: SA population growth, August 2009 to September 2010 (ABS)

13.3%: Proportion of those working in health care and social services in SA (ABS)

$325,000: Median price for units in Adelaide (RP Data)

Regional airports to receive $5.4m upgrades

Funding to the tune of $5.4 million has been dedicated to South Australian airports under the Regional Aviation Access Program.

The financial commitment will ensure communities become more accessible, with improvements to drive growth, according to Parliamentary Secretary for Infrastructure and Transport, Catherine King.

Improved access to the regions should also open up new areas to property investors.

Projects range from large, strategic investments at Mimili in South Australia to smaller upgrades, Ms King said.

Nepabunna, Yalata, Mimili, Kimba, Streaky Bay, Hawker, Maralinga, Marla, William Creek and Mungerannie are all expected to see funding for improvements to the tune of $1,902,443. Of these, Mimili will benefit the most significantly, receiving $1,255,000 of the total amount.

Alternatives needed for booming population

Investors may look towards converting old industrial sites in Adelaide into apartments, a survey commissioned by the Property Council of Australia has found.

Seventy per cent of people support the conversion of old industrial sites, while 60 per cent support new housing projects in the middle and outer suburbs, the survey showed.

With a forecasted 560,000 increase in population by 2040, Adelaide will need to look towards new forms of development and redevelopment to house its residents.

Sixty-six per cent of survey respondents, however, were found to be more supportive of the fringe growth of freestanding homes with larger blocks.

Recently, the state government has relaxed zoning and height restriction laws in the CBD under the interim Development Plan Amendment for Adelaide’s CBD.